ShopUp and Sary merge to form SILQ, securing $110m US-Saudi investment
In a ground-breaking move, ShopUp, Bangladesh's largest B2B commerce platform, and Sary, the leading B2B marketplace and services platform in the Gulf, have merged to create SILQ Group, a transformative force in the global B2B commerce landscape.
This merger unites two of the fastest-growing regions—Gulf and Emerging Asia—positioning SILQ as the largest B2B commerce platform to serve some of the world’s most dynamic consumer markets.
The merger is backed by a $110 million funding round led by Sanabil Investments, a wholly owned subsidiary of Saudi Arabia's Public Investment Fund (PIF), and Peter Thiel's Valar Ventures.
The funding includes an equity investment and financing facility for SILQ Financial, the group’s newly established financial services arm, which will focus on creating robust financial infrastructure and scaling embedded financing solutions across both markets.
Together, ShopUp and Sary have already served over 6,00,000 retailers, hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers within mom-and-pop shop communities since their inception.
Their combined network has facilitated over $5 billion in transactions on their platforms and disbursed more than $750 million in embedded financing, while also enabling a total of 100 million shipments.
This merger establishes SILQ as the go-to platform empowering businesses to grow by enhancing efficiency through integrated financial tools, logistics services, and commerce features.
Post-merger, both ShopUp and Sary will continue to operate under their respective brand names in their home geographies while leveraging SILQ’s unified infrastructure and capabilities.
This strategic alignment ensures that each brand retains its regional identity while benefiting from shared resources and expertise.
The leadership of the new entity reflects the strengths of both organisations: Afeef Zaman, Founder & CEO of ShopUp, will serve as CEO of SILQ Group and Mohammed Aldossary, Founder & CEO of Sary, will lead SILQ Financial as its CEO.
Commenting on the merger, Afeef Zaman, said: "Through this merger, we're entering what's set to become one of the world's largest trade corridors, projected to reach $682 billion. We're in the front seat to serve some of the most exciting, fast-growing economies that are set to shape global consumption in the coming decades, giving them greater access to products from around the world."
Mohammed Aldossary added: "By merging our strengths, we're not just expanding our reach—we're revolutionizing how digital commerce serves Gulf merchants and South Asian manufacturers. This alliance brings together deep regional expertise and world-class technology to empower every business in our ecosystem, with financial services as a cornerstone."
The merger has garnered strong support from prominent investors, including Sanabil Investments, Valar Ventures, Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment, Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures.
Additionally, the round sees participation from new investors like the Qatar Development Bank, owned by the Qatar government, underscoring the region’s growing confidence in SILQ’s vision. SILQ plans to establish a strong presence in Qatar to extend its offerings to SMEs in the country.
A spokesperson from Sanabil Investments highlighted the significance of the merger: "SILQ is poised to become a leading B2B commerce player both regionally and globally. It addresses numerous challenges faced by B2B businesses seeking a fully integrated platform that combines financial, logistics, and commerce services. This merger enhances SILQ's depth, expertise, and scale, and we remain committed to supporting the company's leadership to ensure this merger benefits all stakeholders."
James Fitzgerald, Founding Partner at Valar Ventures, expressed optimism about the merger’s potential: "Saudi Arabia and the Gulf represent one of the most exciting economic stories in the world today. This merger reflects a bold vision to place these markets at the centre of a new commercial ecosystem connecting with South Asia. With a leadership team that has consistently demonstrated courage and foresight, SILQ has the potential to define this category through ambition that matches the regions it serves."
